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Paris house prices climb to their highest
5 Sep

Property prices in Paris have risen exponentially, with the price of an average square metre surpassing €10,000.

As thelocal.fr reports, Paris prices have increased by 62.5% over the past 10 years, increasing to the highest figure ever reported.

However, prices vary greatly – with property prices in greater Ile-de-France totalling to just above half what properties in central Paris cost.

Estate agents MeilleursAgents revealed that from Paris’ 20 arrondissements, 13 have an average price higher than €10,000 per square metre.

According to data analysing the year of 2018, La Chapelle in the 18th arrondissement was revealed to be the cheapest area to purchase property in. Meanwhile, Odéon in the 6th arrondissement cost €17,410 per metre.

However, even with this significant increase, prices still do not compare with London and New York, where you can expect to pay €14,500 and €13,5000 respectively – Le Parisien revealed.

With that said, prices are expected to keep growing due to an imbalance between demand and supply, while low interest rates make mortgages more affordable.

Besides a lack of new housing, the rise has also been driven by Brexit pushing Londoners to seek a new city to call their base.

Suburbs surrounding Paris are also seeing their prices rise, from the wealthier areas of Levallois and Boulogne-Billancourt to the towns of Bagnolet and Saint-Ouen.

Additionally, a new record was broken this year, with the purchase of a €39 million apartment in the 7th arrondissement.

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